Cyprus Airways could cease operations by Apr-2011 without emergency aid

Cyprus Finance Minister Charilaos Stavrakis said Cyprus Airways could cease operations by Apr-2011, if it does not receive EUR20 million in aid (Financial Mirror, 21-Feb-2011). The carrier is barred from entering Turkish-controlled airspace, harming the competitiveness of its operations. The carrier cautioned late last year that it could report a loss of EUR30 million for its full-year results, due to be announced on 25-Feb-2011.

Cyprus Finance Ministry: "We have no choice. If there is any delay in giving this amount the company will close at the end of April, with destructive consequences for tourism and the economy," Charilaos Stavrakis, Finance Minister. Source: Reuters, 21-Feb-2011.